(Figure: Understanding Price Ceilings and Floors) in the Graph, If

question 138

Multiple Choice

(Figure: Understanding Price Ceilings and Floors) In the graph, if the government sets a price floor of $75, there is a

• A) shortage of 600 units.
• B) surplus of 600 units.
• C) shortage of 800 units.
• D) surplus of 800 units.

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Definitions:

Cocoa

A powder made from roasted and ground cacao seeds, used in making chocolate, as well as in baking and cooking.

Ethylene

Gaseous plant hormone that participates in germination, abscission, ripening, and stress responses.

Hormone

Chemical messengers produced by glands in the body that are transported in the bloodstream to target organs or tissues, where they exert their effects.

Water Soluble

Capable of being dissolved in water.